SEBI bans Karvy Stock Broking from primary market activities for a year

Cheni, June 15: Indian securities market regulator, SEBI, on Monday barred Karvy Stock Broking Ltd from undertaking new primary market assignments for a period of one year. In its order, the Securities and Exchange Board of India (SEBI) directed Karvy Stock Broking not to undertake new primary market assignment including acting as syndicate member or providing syndication services (procuring initial public offer (IPO) applications and bidding in IPOs), directly or indirectly, in IPOs for a period of one year. “In order to avoid inconvenience to any issuer/intermediary, it is clarified that this direction shall not hinder the activities for which the noticee was already engaged for undertaking primary market activities before the date of this order,” it said. (IANS)